“Once more unto the breach, dear friends, once more”. William Shakespeare, Henry V
The cyclicality of the semiconductor industry is a challenge for all equipment suppliers. Advanced Energy Industries (AEIS) has tried to offset and mitigate that cyclicality by deploying capital into diversification efforts. These efforts haven’t really worked so well historically; the solar inverter business was a small-scale disaster, and the other acquisitions haven’t really done all that much. Now management is hoping that its biggest-ever deal will change that, with the Artesyn acquisition giving the company exposure to